2 Ways Social Security Is Failing Seniors
Last month, Social Security celebrated 84 years since being signed into law by Franklin D. Roosevelt. Since the first payout began on Jan. 1, 1940, and through today, it's become a vital source of income for retired workers, and subsequently the survivors of deceased workers and the long-term disabled.
According to statistics from the Social Security Board of Trustees, the program is set to pay out more than $1 trillion in benefits this year for the first time in its storied history. Further, data from the Social Security Administration finds that more than 3 out of 5 retired workers currently lean on the program for at least half of their income.
There's little doubt that elderly Americans would be in considerably worse shape if Social Security didn't exist.
Source Fool.com
